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liability-for-account-fraud

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Good stuff from Ian Grigg about phishing and liabilities.

I'm not sure I see the need to change the allocation of liability either. As for blame "in the wider sense", the certificate market as we know it will go away and morph into a system based on reputation or repetition - ie TrustBar or Petnames or into a cryptographically secure form of mutual authentication. So it might be flogging a dead horse there.

Consumers are increasingly aware that they face liabilities for poor security - id theft costing far more than the $50 credit card minimum and will make decisions and investments based on that (how many people have switched to Macs just for that reason?). And banks will invest to promote technologies that authenticate sessions and transactions (in fact you can do both with the same).

The market is working fine. Of course, I haven't had my identity stolen, so it is easy for me to say that the cost of fraud is less than the cost of regulation that would create the moral hazards Ian points out. ;).

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